In real estate, a short sale occurs when a bank or mortgage lender agrees to discount a loan balance due to an economic hardship on the part of the mortgagor (i.e., the seller). Circumstances determine whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market climate and the individual borrower's financial situation. A short sale typically is executed to prevent a home foreclosure. Often a bank will choose to allow a short sale if they believe that it will result in a smaller financial loss than foreclosing.
This form is a sample of an Addendum to a standard real estate sales contract in order to incorporate the short sales provisions. This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
The Kansas Short Sale Addendum to Contract for the Price, Purchase and Sale of Real Estate is a legal document specifically designed for real estate transactions involving short sales in the state of Kansas. This addendum serves as an additional agreement that outlines important terms and conditions that are unique to short sale transactions. Keywords: Kansas Short Sale Addendum, Contract for the Price, Purchase and Sale of Real Estate, real estate transactions, short sales, legal document, terms and conditions. Typically, there is one primary type of Kansas Short Sale Addendum to Contract for the Price, Purchase and Sale of Real Estate. However, variations or customized versions may exist between different parties or legal professionals based on their specific requirements or preferences. The Kansas Short Sale Addendum includes essential information such as the identification of the property being sold, the parties involved (buyer and seller), the purchase price, and any applicable terms related to the short sale. This addendum also encompasses details regarding the short sale approval process, including clauses stating that the sale is contingent upon the seller's lender's approval. It may include provisions addressing the timeframe for lender approval and any specific requirements or conditions set by the lender. Additionally, the Kansas Short Sale Addendum includes clauses related to the distribution of proceeds and expenses, outlining how the funds will be distributed among the parties involved, including any applicable fees, split commissions, or other costs related to the short sale process. Furthermore, this addendum may include language addressing potential risks and liabilities associated with the short sale, such as the buyer's responsibility to conduct due diligence on the property's condition and any disclaimer of warranties from the seller or their agent. Overall, the Kansas Short Sale Addendum to Contract for the Price, Purchase and Sale of Real Estate is a crucial legal document that provides a framework and guidelines specifically tailored for short sale transactions in the state of Kansas. Real estate professionals and individuals involved in short sales must carefully review and fully understand the terms and conditions outlined in this addendum to ensure a smooth and legally compliant transaction. Note: It is always recommended consulting with a qualified real estate attorney or professional to ensure compliance with current regulations and to address any specific concerns related to Kansas Short Sale Addendum.
